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Retail Banking in Taiwan - Coronavirus (COVID-19) Sector Impact

Retail Banking in Taiwan - Coronavirus (COVID-19) Sector Impact

Summary

The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.

Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with most of the countries across the world registering declines in their economic growth for the year to date. Many economists and institutions have cut their forecasts as a number of countries officially slipped into recession in Q1 2020.

Despite its close proximity with China, Taiwan's robust measures have effectively contained the virus - with the country reporting 486 confirmed cases and seven deaths. The island nation has not imposed any lockdown, but its significant trade exposure to China is hurting its economy. The central bank has lowered the country's GDP growth forecast for 2020 to 1.52%, down from the previous estimate of 1.92%, due to a decrease in domestic consumption and exports in the first half of the year. However, as the country moves towards normalization a gradual recovery will be seen in the second half of the year, benefiting the banking industry.

This report focuses on the impact of the coronavirus outbreak on the economy and the retail banking industry in Taiwan. Based on our proprietary datasets, the snap shot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates. It also offers information on measures taken by the government to combat coronavirus.

Scope

- The Taiwanese government has announced various measures to combat the outbreak. However, the uncertain economic outlook will weigh on near-term bank performance, which will likely be reflected in depressed profitability and weak asset quality. That said, Taiwan's banking sector has built up sufficient buffers over time, and most banks can absorb additional credit loss costs without eroding their capital buffers significantly despite the challenging operating environment.
- Given that retail customers and small businesses are especially vulnerable, banks could see a rise in delinquency rates, resulting in higher non-performing assets. The central bank has urged the country's banks to offer deferrals on loan installments and reduce interest rates. In response, major banks including Citibank, HSBC, Hua Nan Bank, and Land Bank of Taiwan have cut interest rates on mortgages, personal loans, and credit cards. Banks are also offering deferrals on loan repayments and credit card bill payments.

Reasons to Buy

- Make strategic decisions using top-level revised forecast data on the Taiwanese retail lending and deposit industry.
- Understand the key market trends, challenges, and opportunities in the Taiwanese retail lending and deposit industry.
- Receive a comprehensive insight into the total consumer loans in Taiwan, including mortgages, personal and credit card loans as well as retail deposits balances.
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Retail Banking in Taiwan - Coronavirus (COVID-19) Sector Impact
Published By :GlobalData
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